Harrah's Announces Approval by Nevada Gaming Commission
DECEMBER 21, 2007. Harrah's Entertainment, Inc., (NYSE: HET) today announced it received approval from the Nevada Gaming Commission for the proposed acquisition of Harrah's by affiliates of Apollo Management, L.P. and TPG Capital.
This approval follows the recommendation the Nevada Gaming Control Board at its hearing on December 5, 2007.
"We are grateful to the Nevada Gaming Commission and their counterparts at the Nevada Gaming Control Board, as well as all of the other regulators that approved this extraordinary transaction," said Gary Loveman, chairman, president and CEO of Harrah's Entertainment. "Moving forward as a private company after the closing of the transaction, we will continue to deliver superior customer service, further our development in international markets and strengthen our competitive position in each of the markets where we operate." The transaction is expected to close in early 2008.
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